Shared Ownership with Brighter Places is a great affordable way to get your foot on the property ladder even if you’re not able to buy your own property outright.
Shared ownership enables you to purchase a share in a home, usually between 25-75% of the value of the property, and pay discounted rent to Brighter Places on the part you don’t own. The larger share you own the lower the rental payments.
The minimum share for brand new leases is 10% (as from April 2021)
Buyers need to take out a mortgage to pay for their share of the home’s purchase price, or fund this through savings.
Shared Ownership properties are always leasehold.
To be eligible for Shared Ownership, you must:
Before deciding whether shared ownership is for you, it’s important to think about the costs involved.
You will need to consider the initial costs and the ongoing costs.
First of all take a look at the eligibility criteria above to find out if you qualify for shared ownership.
If you qualify you must register with us before you submit an application for one of our shared ownership homes.
Please complete the registration form providing all your relevant information.
Once you are registered with us, you can submit an application form and apply for one of our shared ownership homes when they become available on the website.
Simply click the ‘Apply Now’ button under the property you’re interested in. Brighter Places prioritise applications on a first come, first served basis.
We add new properties from time to time, so keep checking our website to make sure you don’t miss any of our updates.
We need to go through several steps to review and confirm your application.
Once we receive your £500 deposit, we will send you a formal offer letter for your home and remove it from our website.
The offer letter will detail your next steps including instructions for solicitors and a guide to the conveyancing process.
Brighter Places will be here to help you every step of the way.
You may have lots of questions – we have the answers.
You will need to pay various costs each month:
Other costs you will be responsible for:
You should include these costs in your monthly budget.
You will be responsible for all repairs and maintenance to your home. You will need to make sure that you allow a sufficient budget for the upkeep of your property.
Your lease will include details for selling your property. Leases vary, however normally you need to give Brighter Places eight weeks to find a buyer if you decide to sell your home.
If we cannot find a buyer within eight weeks, you can then sell your share on the open market with an estate agent.
Please contact us for details about what you need to do before you contact an estate agent to sell your home for you.
No. The government contributes to affordable home ownership schemes so we have to control who benefit from them.
Also, if you have a mortgage on your home, your lender will probably be concerned if you let it to someone else.
In certain circumstances, we may give permission to sub-let a shared-ownership property. These are exceptional cases and only where there is a genuine and unavoidable need.
You can buy more shares (known as ‘staircasing’) at any time.
If you decide to staircase to 100% the lease agreement between us will no longer exist and we will transfer the freehold title to you. However if you have bought a flat from Brighter Places you will continue as a leaseholder.